Sale of Modern and Contemporary Turkish Art at Antik A.S. in Istanbul Totals $ 10.2 Million

A scene from the Antik A.S. auction room.

ISTANBUL.- At Antik A.S. in Istanbul, the sale of Modern and Contemporary Turkish Art totals of $10,230,000 within the presale estimate of $7.2 million. Competition was fierce for many of the top lots, with multiple bidders participating. This resulted in more than 94% of the lots achieving prices at or above their starting prices. Mubin Orhons monumental masterpiece dated 1962 was the top-selling lot in the sale, brought a remarkable 965,000 USD. It exceeded pre-sale estimation of 500,000  700,000 USD. Further highlights of 263rd sale included Fahr El Nisa Zeids oil on canvas, dated 1946-53 which was sold for 761,000 USD. Most expensive living Turkish artist Burhan Dogancays Dancing Ribbons brought 626,000 USD.

Olgac Artam directed the 263rd sale of Antik A.Ş. The sale room was crowded with collectors. New auction records were set for many Turkish artists, including Mehmet Güleryüzs The Fall which doubled the pre sale estimate and brought a remarkable 537,000 USD, In addition to Mehmet Guleryuzs world auction record, Alaettin Aksoy, Neşe Erdok and many other Turkish artists achieved auction records in the sale.

Commenting on the strong Contemporary Art Sale results, Olgac Artam, auctioneer of the sale, said: We are absolutely delighted with the results achieved for today's sale of Contemporary Turkish Art. Participation of new collectors and young buyers sends a very positive message to the art market. Many other artists works sold for record prices including Bedri Rahmi Eyuboglu, Sabri Berkel, Nese Erdok, Orhan Peker, Turan Erol, Adnan Coker, Omer Uluc, Asim Isler, Azade Koker, Gulay Semercioglu, Canan Tolon, Devrim Erbil and Haluk Akakce. The collection that was offered at Antik A.S. sale was put together with great care and foresight, said Artam. These works were bought from artists often at the early and the most wanted stages of their careers, which attracted a great deal of attention, buyers knew that the lots were extraordinary

Turkeys small but rapidly developing art market has seen paintings fetch record prices even during the worst times of the crisis due to overwhelming demand. Main buyers are collectors, private museums, investment funds and some individual buyers. According to experts, the Turkish art market was not greatly hurt by the crisis, instead fetching record prices due to a small market with high demand. The Turkish art market has won amazing returns for investors over the past few years, reaching its peak with the recent Antik A.S.s sales of Erol Akyavass The Siege for 1.274.000 EURO and Burhan Dogancays Symphony in Blue for 1.260.000 EURO. The market has an estimated annual volume of $200 million right now, with the expected global interest, art experts are sure that this is just a beginning.